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What Happens If You’re Rejected for Homeowner’s Insurance?

May 22, 2017

Is it possible to be rejected for homeowner’s insurance? The answer is yes. Sometimes, you choose an insurance carrier for your new home—only to be informed that they cannot write the policy after all. Or the premium suddenly increases significantly.

Now, you’re stuck with a difficult choice: you can either postpone your closing, and try to find a new insurance carrier—or buy the higher-priced coverage.

It actually occurs more often than you think, and can be a frightening situation. Many insurance carriers do not run all of the necessary background reports, while others don’t take the time to determine a replacement cost until just before the policy is bound.

So what can you do in this situation? Since there’s no way for you to know if a carrier has run all the required reports, or has determined an appropriate replacement cost upfront, your best solution is to start out by getting a second opinion on insurance coverage for your home.

By getting a second opinion, you’ll see more price options for your homeowner’s insurance—as well as alternate approaches to coverage and replacement cost.

In fact, you can do this right away—and in the same place—by working with an independent insurance agency. An independent insurance agency is not affiliated with any specific insurance company, and can immediately give you multiple quotes from several different insurance carriers right off the bat. They can also help you find the best rate—and best fit—for your home and family.

Better yet, if anything falls through at the last minute, they’ll have other options available—so you won’t have to postpone your closing. It’s the fastest, most efficient way to get good homeowner’s insurance coverage, right off the bat.

Need homeowner’s insurance? HomeServices Insurance is an independent insurance agency—and we’ll provide you with a free second opinion today.